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Economics

China's gasoline exports surge in November ahead of tax rebate change

China's gasoline exports rebounded in November to the highest level since August 2023, as exporters rushed to sell products before a cut in tax rebates came into effect this month.

EIA: U.S. crude stocks fell last week as exports jumped

U.S. crude and distillate inventories fell in the week ending December 13 as exports surged, while gasoline stockpiles rose.

Phillips 66 outlines nearly $3-B capital program for 2025

Phillips 66 announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital.

Mabanaft reaches agreement with Hapag-Lloyd to supply B30 bunker fuel in Hamburg

Mabanaft has reached an agreement with the shipping company Hapag-Lloyd for the supply of B30 biofuel. A first test delivery of 1,000 t of B30 VLSFO arrived on the container ship Delaware Express and reached Mabanaft's Waltershof tank terminal in the Port of Hamburg on December 12.

Gazprom Neft plans to boost refined fuels output in 2025

Gazprom Neft plans to increase investment in major projects in 2025, and expects to increase oil refining and output of light oil products, the company's head, Alexander Dyukov said.

Iranian oil prices to China hit new multi-year highs as sanctions hit shipping

The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs.

EIA: U.S. crude stocks fall, fuel inventories rise on robust refining

U.S. crude inventories fell for the third time in a row, while fuel stockpiles rose in the week ending December 6, the U.S. Energy Information Administration (EIA) said, as refinery activity remained seasonally strong.

Rosneft, Reliance agree to biggest ever India-Russia oil supply deal

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 bpd of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries.

Global diesel prices to rely on refinery closures for support in 2025

The global diesel market will likely find price support in 2025 from the closure of about 1% of refining capacity, traders and analysts said, offsetting current weakness and structural downward pressure as the world shifts to cleaner fuels.

Orlen halts Olefins III project due to ballooning costs

The ORLEN Management Board has decided to halt the Olefins III project after determining that the actual implementation costs would have exceeded the initial estimates by sixfold. The project's cost has ballooned to more than $12 B.